Anybody who has a job that don’t enjoy (i.e., most of the working population) will endlessly dream of becoming their own boss and earning a great amount of money. Well, I have taken the decision to work from home day trading the futures markets. This is hopefully a way of earning a great amount of money whilst being by own boss, I mean, you don’t get rich working for someone else, do you!
I have spent a lot of time practicing. Experience is everything in this game. A lot of spread betting companies allow you to have practice accounts, whereby you trade ‘pretend’ money. This is a great way to gain experience and test new ideas. This is important, as the main mistake a lot of new traders make is acting on hunches, as they would in a casino, and inevitably this mentality means they lose, sometimes a substantial sum. A practice account lets you develop discipline and develop trading strategies whilst you don’t lose your own money.
Many new traders start trading using ‘mechanical’ systems. These are trading systems they have purchased. There are many of these available, and not all of them will work. If buying one, always go with an established company who offer customer testimonials and most importantly a money back guarantee. A money back guarantee means you can test the software with a practice account. If it doesn’t work or you don’t like the way it works, you can get your money back and try another one.
Another important factor to remember is good money management. Don’t place large trades. If you have £5000, don’t place £1000 trades. 5 wrong trades and you’re out of the game. Greedy pigs get slaughtered! Place small trades, and remember to take your profits. You’ll never be poor if you take your profits. It sounds simple, but many traders make money but don’t close the trade, thinking they’ll make even more the next day, only for the markets to reverse and stopping out the trade.
Well, if you’re interested in trading, or maybe just curious, why not follow my market exploits at my blog, http://stockmarketraider.blogspot.com/. I’ll be regularly updating it, chronicling my days trading activity. Come and have a look!
Source: http://www.ArticlePros.com/author.php?Simon Ware
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